A few years ago, the UK got it right – the country simplified the petroleum tax to make it highly transparent, simple to understand, and fair. In the early 2000s the 40% flat tax with 100% depreciation of tax deductions was about as simple a fiscal regime as could be designed. But the gradual ramping up of the supplementary tax rate caused some nervousness around investment as the tax regime seemed unpredictable.Interestingly, the latest increase to 32% supplementary tax has brought the overall taxation levels to almost the same point...